Forward Industries has gone all in on Solana, securing more than 6.8 million tokens and immediately committing them to staking. The move signals the company’s long-term, vested interest in the health of the Solana ecosystem itself.
Summary
- Forward Industries acquired 6.82 million SOL tokens worth $1.58B in its first treasury move.
- The purchase was funded by a $1.65 billion PIPE financing led by Galaxy Digital, Jump Crypto, and Multicoin Capital. All tokens were staked, underscoring a long-term Solana treasury strategy and shift beyond the company’s legacy business
According to a press release shared with crypto.news on Sept. 15, the Nasdaq-listed entity acquired 6,822,000 Solana (SOL) tokens at an average price of $232, deploying approximately $1.58 billion from its recent private investment round.
The capital, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, was put to work in under a week, with the company executing a combination of open-market and on-chain purchases, including a notable $1 million trade routed through Solana-native DEX aggregator DFlow.
Why Forward industries is betting big on Solana
Forward Industries’ aggressive accumulation of SOL is the direct execution of what the company termed a new corporate mandate, moving beyond its legacy business in medical and tech design.
This pivot is funded by a $1.65 billion private investment in public equity financing that closed on Sept. 11, marking the largest Solana-focused treasury raise to date and signaling robust institutional confidence not just in the asset, but in Forward’s specific strategy to manage it.
“We are building the world’s largest Solana treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders,” Kyle Samani, Chairman of the Board of Directors of Forward Industries, said. “We are pleased to make some of our SOL purchases on-chain, which is the first of many activities we expect the Company to do natively on-chain.”
Notably, the company said its goal is to build an institutional-scale treasury that can be deployed within the Solana ecosystem to create differentiated value and increase SOL per share faster than passive holding would allow.